EUR/USD: The pair reverses to close back below the former Jul 2012 support line and leaves a long upper shadow to highlight the selling pressure. Bears now eye the neckline of the head and shoulders pattern on the weekly chart, still at $1.2775, a break below here would target a measured move to $1.1772, but ahead of the target we see support at $1.2746, the Apr 4 reversal low. A move through this level could see bears decline towards the 200-month MA at $1.2049.
R 4: $1.2965/67 5-week MA
R 3: $1.2934/36 High May 21
R 2: $1.2902 Former 23.6% of $1.3243-1.2797
R 1: $1.2866/81 5-DMA
Latest price: $1.2845
SUP 1: $1.2824 Hourly low
SUP 2: $1.2775/81/97 Head & Shoulders Neckline, Daily Bolli band base, Low May 17
SUP 3: $1.2746 Reversal low Apr 4
SUP 4: $1.2704 Weekly Bollinger band base
GBP/USD: The cross continued to track lower and completes the measured move to $1.5025 from the channel break, now bears find support from the 76.4% of $1.4832-1.5606, initial support at $1.5015. Daily studies still decline, although oversold, wkly studies are newly bearish and monthly studies also decline. Bears now look to test the Mar 12 reversal low at $1.4832 which should be strong support, but failure at initial supp adds risk to the upside and caution bears.
R 4: $1.5254 55-DMA
R 3: $1.5207/19 Low May 14
R 2: $1.5174 Lows May 15
R 1: $1.5113/28/34 Low May 21, 5-DMA
Latest price: $1.5045
S 1: $1.5014/15 Hourly low, 76.4% of $1.4832-1.5606
S 2: $1.4832 Low Mar 12
S 3: $1.4784 Low week of Mar 5th 2012
S 4: $1.4649 123.6% of $1.4832-1.5606
USD/JPY: The pair reached a new high at Y103.74, now initial resistance but the pair has already faded from this level and returned to test the former Feb 11 res line as support, now initial support at Y102.49, just below the daily Tenkan line at Y102.50. Daily studies are collapsing but monthly studies continue to rise, a break below initial supp targets the Apr 2009 reversal high at Y101.45. However, bulls look to retest initial res and continue the bullish trend.
R 4: Y108.03 200-month MA
R 3: Y105.50 61.8% Fibonacci of Y124.14 to Y75.35
R 2: Y104.51 Daily Bollinger band top
R 1: Y103.74/78/83 High May 22, Reversal low June 2012, Weekly Bolli top
Latest price: Y102.15
S 1: Y101.45 Reversal high Apr 2009
S 2: Y100.78/79 23.6% of Y92.57-103.31, May 9 high
S 3: Y100.38/42 Daily Kijun line, 21-DMA
EUR/JPY: The cross hit a new high yesterday, reaching above the Feb 6 resistance line to touch Y133.80 but has quickly reversed these gains to leave a long upper shadow yesterday, potentially forming a shooting-star pattern, we look for a close lower today to confirm. Bears currently following daily studies lower and initial support now at Y131.12/18, the Apr 11 high and May 15 low and further support at Y130.42/43/51, the May 8 high, daily Kijun line and 21-DMA.
R 4: Y134.20 Weekly Bollinger band top
R 3: Y133.80/88 High May 22, Daily Bollinger band top
R 2: Y133.34 Feb 6 resistance line
R 1: Y132.77/87 High May 14, Hourly high
Latest price: Y131.16
S 1: Y131.12/18 High Apr 11, Low May 15
S 2: Y130.70/99 Apr 22 high, May 20 low
S 3: Y130.42/43/51 May 8 high, Daily Kijun line, 21-day moving average
S 4: Y129.91 Highs Apr 25 & May 2